"No Tax Holiday For Fixing Apapa Port Road" - Dangote
Cases of laden trucks carrying containers and turning over along the Apapa Port Road in Lagos will soon be forgotten.
The wasted hours in gridlocks, which commuters endure along the same route, may soon come to an end thanks to the generosity of Africa's richest man, Aliko Dangote.
But there were claims that Dangote has a lot more to gain than goodwill. These allegations have been dismissed by the firm.
The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Devakumar Edwin explained the terms of the agreement reached with federal authorities.
The firm would be bankrolling the road construction project and the government would not be paying.
In essence, the firm would use its tax to offset the payment over a period of three years.
“It is very painful when some people accuse our company of benefiting from 10 years’ tax rebate from the government. There is nothing like tax credit in all these. We volunteered to construct the Apapa/Oworonshoki long highway at a cost that will be about 15 to 25 per cent less than the lowest bid on the road.
“We hope to get back our money after three years by removing the sum from the tax we are supposed to pay.”
“The government came forward and said, you guys are repairing the road, good enough but this road is very important to all Nigerians. Is it possible to help us do proper road construction of 35 kilometres from Apapa to Oworonshoki?”
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